Slides
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Q4 Year-end report Markus Jönsson (CEO) & Magnus Henell (CFO) Feb 5th, 2026
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Introduction
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What if… 1/3 of the global fleet were using 36% more fuel than needed? …Even if just for a day What would that mean for cost and emissions?
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Why are barnacles such a challenge? • Big impact on drag resistance • Thrives in most marine environments • Superglue themselves on surfaces and are very difficult to remove • Damages the hull coating ➔ The most efficient strategy is to try to prevent them from settling on your ship hull
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Our solution Selektope® help the shipping industry to: Premium antifouling helps to reduce emissions from shipping by lowering the hydrodynamic drag of the ship, which improves fuel efficiency and reduces CO2 emissions. Premium antifouling can help to protect marine ecosystems by preventing the spread of invasive species and reducing the environmental impact of shipping. Selektope enables ultra-low biocide coatings. Additionally, Selektope in coatings has no lethal effect on target organisms. 1 2 3 Reduce emissions to air Protect marine ecosystems Reduce emissions to the ocean
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Results
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0 1 2 3 4 5 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Millions Quarterly sales (USD) “Q4 – Robust Fundamentals in a Mixed Market” ▪ Exceptionally strong sales in Q4 2024 and Q1 2025 ▪ Smaller customers show strong growth ▪ Sales to second-largest customer much lower than last year
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“Q4- Margin resilience and strong cash generation despite softer sales” ▪ Net sales down 33%, currency adjusted down 23% ▪ Gross margin improved, supporting profitability ▪ Strong but reduced EBITDA (25%) and EBIT (20%) margins. ▪ Continuous strong cash conversion All amounts (MSEK) 2025 2024 Growth Oct-Dec Oct-Dec ’25/’24 Net Sales 38.7 57.8 -33% Gross margin 57% 54% 6% EBITDA 9.6 18.8 -49% EBIT 7.6 16.8 -55% Operating cashflow 12.6 6.2 104% Cash balance 148.2 100.2 48%
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“2025, solid performance despite revenue loss” ▪ Volumes grew 3%, but sales contracted by 6% measured in SEK ▪ Largest customer (CMP) grew 21% ▪ Gross margin improved, supporting profitability ▪ Continuous strong cash conversion All amounts (MSEK) 2025 2024 Growth Jan-Dec Jan-Dec ’25/’24 Net Sales 169 179 -6% Gross margin 57% 54% 6% EBITDA 49.0 53.7 -9% EBIT 41.0 45.5 -10% Operating cashflow 64.6 35.2 84% Cash balance 148.2 100.2 48%
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Asia sales split by country Korea Japan China Singapore Geographical spread - Full-year 2025 “Northeast Asia continues to drive top-line, deliveries to China grew 96% in 2025” 31% X% - Share of total Sales Overall sales split by region Asia Europe RoW 98% 2% 37%26% 4%
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Highlights – 2025 “Forward momentum despite mixed winds” Margins & Cash position 57% gross margin, 25% EBITDA and 21% EBIT Ordinary dividend proposed to increase to 1.25 SEK per share Diversification 100%+ growth for smaller accounts and 96% volume growth to China
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Outlook
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Market outlook Sources: Clarksons. World Fleet- & Shipyard monitor, Jan 2026 ▪ Seaborne trade grew by 1.1% in volume (2.2% in 2024) ▪ Improved sentiment – charter rates have strengthened (ClarkSea index: +7%) ▪ Shipyard output increased (6% in CGT terms) and is expected to continue growing by 15% in 2026 ▪ The world fleet grew 3.5%, reaching 2.5bn dwt, with container (+7%), LNG (+9%) and PCC (+13%) growing above trend, bulkers steady (+3%) and tankers (+2.2%) below trend ▪ Newbuild contracting activity recovered during the second half but remained down 27% year-on-year, still 34% above the ten-year trend Risk: Geopolitical (in)stability Continued positive momentum Solid outlook for the maintenance and repair market
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Price of copper expected to support additional market penetration of Selektope 0 5 10 15 20 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 2035 Historic price - Copper (USD/kg) Price prediction Selektope (Copper free) Copper based Copper prices surged in 2021 due to global recovery and energy transition Prices stabilized but resumed upward trend in 2024–2025 Forecasts indicate upward trend driven by electrification, EVs, and infrastructure. Consensus for 2026: 10–12.5 USD/kg; long-term outlook up to 15 USD/kg by 2035 +7 +6 +25 Comparing gross margins for coating companies (I-Tech’s customer) of two premium antifouling coatings with similar price points competing head-to-head. Three scenarios of copper price (5, 10, 15 USD/kg) Gross margin difference (percentage points) Source: I-Tech analysis, Financial Times Jan 2026
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Timeline Selektope’s re-registration process in Europe SCBP Q1 meeting - DiscussionMar Selektope’s current approval expiresJun SCBP Q3 meetingSep SCBP Q4 meetingDec Dec SCBP Q4 meeting – Draft proposal for non-renewal Link Voting?
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New growth vectors and business diversification Business development pipeline Resins 30-40% COATING FORMULATION (COST SPLIT) Pigments Additives 30-40% Solvent Group Complementing technologies Additives Active ingredients Other (e.g., additives, binders) Other marine markets Aquaculture Yacht market New models Antifouling tech. Hull performance Focus
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Business Outlook Customer product launches New strategic partnerships Advocacy linked to regulations Capability investments